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"We have signed an agreement with the Saudi Ministry of Finance for 50,000 units guaranteed and an additional 50,000, amounting to 100,000 units over a decade, and both our plants in Arizona and King Abdullah Economic City will contribute toward that goal."
Monrovia, May 6, 2024: Rural Renewable Energy Agency (RREA) and the Liberia Electricity Corporation (LEC) have officially launched the second phase of the World Bank-funded US$16 million Liberia Electricity Sector Strengthening and Access Project (LESSA, P180498).
Saudi Arabia’s Human Resources Development Fund invested around SAR 8.7 billion ($2.3 billion) last year in programs for training, counseling, and empowering. This move aims to boost private sector businesses, increase Saudi employment, and ensure job sustainability. This effort comes as the Kingdom’s unemployment rate among its citizens nears the 7% target set by the national transformation plan, Vision 2030, dropping to 7.7% by the end of 2023.
Report gives credit to HR efforts; unemployment rate among men remains stable at 4.6%
The unemployment rate among Saudis approached the target of 7 percent, which was set in Vision 2030. At the end of the fourth quarter of 2023, unemployment declined to 7.7 percent, supported by a greater female participation in the labor market. Human resources experts link this positive development to corrective strategies for the labor market and nationalization programs, as well as specialized programs that target the private sector.